The Indian electric commercial vehicle (e-CV) market continued to show strong year-on-year momentum in April 2026, although the segment witnessed a sequential slowdown after strong growth in March.
According to FADA retail data, the total retail sales of electric commercial vehicles in April 2026 was 2,245 units, a significant increase of 148.9% from April 2025. However, sales fell by 8.7% compared with March 2026.
The market share of electric commercial vehicles in the entire commercial vehicle sector has more than doubled from 1.04% in April 2025 to 2.26% in April 2026. This reflects the gradual but steady adoption of electric vehicles in freight, last-mile delivery and passenger mobility applications.
Market leader position
Tata Motors maintained its leading position in the electric commercial vehicle market with retail sales of 799 units in April 2026. While the company’s sales were down 7.5% from 864 units in March, they were an impressive 201.5% year-over-year increase from 265 units in April 2025. The strong annual growth points to Tata Motors’ growing presence in electric freight and passenger mobility, driven by products such as the Ace EV and electric buses. Despite increased competition, the company still holds the largest retail volume in the segment.
Challengers grow rapidly
Euler Automotive became one of the fastest growing companies on the market. In April 2026, the company’s retail sales were 518 vehicles, an increase of 10.4% from March and a significant increase of 1,263.2% from April 2025. This significant growth highlights the growing acceptance of Euler electric trucks in the e-commerce, logistics and urban delivery ecosystem. Euler is steadily consolidating its position as a major challenger in electric last-mile commercial mobility.
Mahindra strengthens its presence
Mahindra Group ranked third with 285 retail stores, a month-on-month growth of 6.3% and a year-on-year growth of 69.6%. Mahindra Last Mile Mobility continues to benefit from strong demand in three-wheeler cargo and passenger transportation segments. Its continued growth reflects the increasing electrification of urban transportation and intra-city logistics.
Performance trends are mixed
Switch Mobility reported retail sales of 144 units. Although the company grew 311.4% year-on-year, sales dropped significantly by 44.2% month-on-month from March. The decline signals a slowdown after a strong last month, particularly in the electric bus segment.
PMI Electro Mobility Solutions retail sales in April 2026 were 111 units. The company declined 9.8% sequentially and 41% compared with the previous year, indicating softer demand in its operating segments.
Tivolt electric vehicles performed strongly, with 83 units sold, a year-on-year increase of 822.2%, although there was a slight month-on-month decrease of 3.5%. The numbers indicate the company’s growing momentum entering the market.
JBM Auto’s retail sales this month were 54 units. Although year-on-year growth remained positive at 35%, the company saw a significant year-on-year decline of 72.5% in March, reflecting lower order fulfillment for electric buses during the month.
Emerging players make headway
Pinnacle Mobility Solutions posted one of the strongest sequential gains in the market. Retail sales increased by 42.1% month-on-month to 54 units, a year-on-year increase of 440%. This demonstrates the growing traction of new entrants in niche EV applications.
The retail sales of VE commercial vehicles were 38 units, a month-on-month increase of 11.8%. However, sales were down slightly by 2.6% compared to April 2025.
Energy In Motion sold 34 units, a month-on-month increase of 61.9%, while Aeroeagle Automobiles sold 28 units, a month-on-month increase of 27.3%. These companies are gradually carving out a niche in the growing EV ecosystem.
Changing market dynamics
Retail sales data for April 2026 reflect that the market is expanding rapidly, but competition is also becoming increasingly fierce. While established auto companies such as Tata Motors and Mahindra & Mahindra continue to dominate, strong growth from Euler Auto and emerging manufacturers suggests the electric commercial vehicle market is entering a broader expansion phase.
The sequential decline in overall retail volumes suggests the industry may be subject to cyclical swings depending on fleet buying cycles, government incentives, financing conditions and infrastructure readiness. However, the sharp growth in annual sales and market share is a clear indication that electric commercial mobility is steadily moving towards the mainstream in India.